Dec 2009 18

Strong demand carries into late fall

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Home values continue to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totaled 3,083 in November 2009, an decrease of 16.8% from the 3,704 sales recorded in October 2009 and an increase of 252.7% compared to November 2008 when 874 sales were recorded.

Over the past 12 months, the MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 12.4% to $557,384 from $495,704 in November 2008. This price remains down 1.9% from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

New MLS? listings for residential properties decreased 26.6% from October 2009 but did increase 21.3% compared to November 2008. However, total active listings at 11,039 are down 39% compared to November 2008.

This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver " said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

"Prospective home owners have more options at different price levels than ever before. We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as head into the holiday season."

2009 November REBGV Stats Package Click on the graph to see it in full size

You can also download the whole November 2009 REBGV statistics.

One Response to “Strong demand carries into late fall”

  1. Will Government Put the Brakes On?

    […] rate, you are probably wrong. Indeed, extremely low interest rate is the key engine of this rapid growth; however it influences also other sectors of Canadian economy, which are still in the realms of […]

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